Minden Company is a wholesale distributor of premium European chocolates. The company's balance sheet as of April 30 is given below: Minden Company Balance Sheet April 30 Assets: Cash $9000 Accounts receivable 54000 Inventory 30000 Buildings and equipment, net of depreciation 207000 Tatal Assets $3000. Liabilities and Stockholders' Equity: Accounts payable $63000 Note payable 14,500 Common stock 180000 Retained earnings 42500 Total liabilities and stockholders equity $300000. The company is in the process of preparing a budget for May and has assembled the following data: a . Sales are budgeted at $220,000 for MayOf these sales, $ 60,000 will be for cash; the remainder will be credit sales. Each month's credit sales are collected 60% in the month of sale and 40% in the month following the sale. All of the April 30 accounts receivable will be collected in May b . Purchases of inventory are expected to total $ 120,000 during May. These purchases will all be on account. The company pays for 50% of its merchandise purchases in the month of the purchase and the remaining 50% in the month following the purchase All of the April 30 accounts payable to suppliers will be paid during May. c . The May 31 inventory balance is budgeted at $40,000. d . Selling and administrative expenses for May are budgeted at $72.000 , exclusive of depreciation. These expenses will be paid in cashDepreciation is budgeted at $ 2,000 for the month. e . The note payable on the April 30 balance sheet will be paid during May with $100 in interest. (All of the interest relates to May.) New refrigerating equipment costing $6,500 will be purchased for cash during May g . During May , the company will borrow $20,000 from its bank by giving a new note payable to the bank for that amount. The new note will be due in one year. Required: 1. Calculate the expected cash collections for May. 2. Calculate the expected cash disbursements for merchandise purchases for May. 3. Prepare a cash budget for May. 4. Prepare a budgeted income statement for May. 5. Prepare a budgeted balance sheet as of May 31